I started this house buying journey back in November of last year. (2011) It started as a fluke. A friend of mine knew someone in the "biz" and after talking about how the prices of houses had come waaaaay down, I decided to give it a look-see. I have a great job, good credit and my single mom days are pretty much behind me now that my daughter is grown up and on her own. Why not give it a try, I thought!
I had been renting for most of my entire adult life. "Throwing yer money away," my Grandpa had said. But for all those years of paying the landlord, I figured, what the heck? Let someone else worry about replacing the hot water heater, washer,dryer, fridge, stove,roof, toilet, electrical panel and all the other lovely items that burst,broke, melted,disintegrated,and leaked etc. I was working my tail off at three jobs and barely making ends meet as a single mom. There was no way I could afford to pay for anything extra!
There had been a time, back about 6 or 7 years ago, that I looked into buying a house. The market had been at it's peak here on the Cape and even though I had a good job and good credit, I qualified for half a house. It was a bit disheartening. So, as time went on, I just never really gave it another thought. Until last November. The price of houses had come down so low that even I could afford one. I did the math, and did the research. I hemmed. I hawed. I looked around and "voila!!" there was the house I wanted. Problem? I didn't know it, but the words "Short Sale" should have struck fear into my heart and put wings on my feet... run... run... run!
And so, after the House Inspection ($500) and the Termite Inspection (free) and the Mortgage Application ($400) - I was ready. I made an offer, understanding that after the owner agreed to accept the offer, it had to be approved by her bank. Both my agent and I thought - no problem, why wouldn't the BANK want someone qualified to take over? The current owner hadn't been able to keep up with mortgage payments, owed more than what the house was worth. The bank would JUMP at the chance to get someone in the house to continue sending them money. After all, weren't they taking it on the chin - with all the other empty houses and delinquent mortgage payments?
Little did I know..... if I didn't have the best landlord in the history of landlords... I'd be living in one of these right now!
I can't wait to hear the rest of the story.
ReplyDeleteA friend of mine got her two daughters raised and bought the house they had been renting for years. It needed a lot of work that the landlord did not want to do. So, when my friend went to the bank, she got extra money to do the needed work. It turned out well for her.
Hi Lou! I considered buying the house I've been renting but it was built in 1929 and although my landlord has been a saint - he can only do so much. There is just too much structural, electrical etc that needs to be brought up to code. I love the house, love the area I'm located in, but it just didn't make financial sense. Believe me it was a hard decision to make. The landlord did offer to sell it to me, but because of the amount of land, and the close proximity to the lake - well, it was priced out of my ball park. Every time I take a walk down to the lake - or even if I'm just sitting out in the back yard, I get sentimental about leaving!
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